February 26, 2024
Wireless Electric Vehicle Charging Market

Wireless Electric Vehicle Charging Market is expected to be Flourished by Growing Concerns over Range Anxiety

The Wireless Electric Vehicle Charging market involves charging electric vehicles wirelessly through induction coils installed in the vehicle and charging station. Wireless charging stations allow for contactless power transfer through electromagnetic induction between two coils placed close to each other. It offers various advantages over conventional wired charging such as ease of use by automatically aligning coils, elimination of exposed ports and ingress of dust/moisture. Wireless charging is being integrated into residential, commercial and public charging infrastructures to provide convenient charging options to electric vehicle owners and allay their concerns over range anxiety.

The global Wireless Electric Vehicle Charging market is estimated to be valued at US$92.16 Bn in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
Growing concerns over range anxiety among potential electric vehicle owners act as a key driver for the Wireless Electric Vehicle Charging market. Range anxiety refers to the fear of an electric vehicle running out of power before reaching the destination or charging station. It is considered one of the major barriers limiting mass adoption of electric vehicles. Wireless charging alleviates range anxiety concerns by providing easy, contactless and automated charging options to drivers. Moreover, it eliminates the need to stop completely for charging as power transfer occurs even during driving. This convergence of convenience and continuous charging is expected to boost electric vehicle sales and in turn, propel the wireless charging infrastructure forward. Further, supportive government policies and investments in charging infrastructure development also contribute to the growth of the Wireless Electric Vehicle Charging market.

Segment Analysis
The global Wireless Electric Vehicle Charging market is segmented into technology, application type, power supply range and vehicle type. The technologies used for wireless charging includes inductive wireless charging and radio frequency based charging. Among these, inductive wireless charging technology dominates the market and accounts for over 70% share owing to its wider availability and compatibility issues. Residential segment dominates the application type segment as more numbers of electric vehicles are used by individuals and companies for daily commute rather than public transportation. In terms of power supply range, 3-11kW charging power supplies accounts for majority share due to its suitability for both home and commercial charging purposes. Passenger vehicles dominate vehicle type segment and is expected to hold the largest market share during the forecast period.

PEST Analysis
Political: Stringent emission norms by governments across the world are propelling the adoption of electric vehicles. The favorable policies promoting EVs adoption is positively impacting the wireless charging market growth.

Economic: Growing disposable incomes and lower total cost of ownership of electric vehicles compared to fuel vehicles is fueling the preference for electric vehicles. This provides huge opportunities for wireless charging infrastructure development.

Social: Increasing environmental awareness among consumers regarding fossil fuel emissions is boosting green mobility solutions adoption. Growing preference for convenience wireless charging offers is augmenting the market demand.

Technological: Advancements in inductive charging technologies enabling faster and more efficient wireless charging as well as improvement in charging range and greater interoperability between charging stations and vehicles is enhancing consumer acceptability.

Key Takeaways

Global Wireless Electric Vehicle Charging Market Size is expected to witness high growth at a CAGR of 24% during the forecast period of 2024 to 2031.

With the North American regional market accounting for the major share currently owing to technological advancements and presence of key players. However, Asia Pacific region is soon emerging as the fastest growing regional market with countries like China and Japan spearheading the EV adoption and charging infrastructure development.

Key players operating in the Wireless Electric Vehicle Charging market are Naïo Technologies, Dahlia Robotics GmbH, Ecorobotix, Carbon Robotics, Vision Robotics Corporation, Harvest Automation, Soft Robotics Inc, Abundant Robotics, Bosch Deepfield Robotics, Energreen, Saga Robotics, Blue River Technology, VitiBot, and Aigen. Among these Naïo Technologies dominates the inductive EV charging equipment market with its proprietary technology for affordable inductive charging of vehicles.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it